IoT in Smart Cities Market Trend, Share, Growth, Size, Analysis and Forecast 2030

IoT in Smart Cities Market: Size

The global IoT in Smart Cities market size was worth around USD 179.28 billion in 2023 and is predicted to grow to around USD 967.49 billion by 2032 with a compound annual growth rate (CAGR) of roughly 20.6% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD billion). The report covers a forecast and an analysis of the IoT in Smart Cities market on a global and regional level.

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IoT in Smart Cities Market Overview

The Internet of Things (IoT) plays a crucial role in shaping smart cities by connecting devices, sensors, and systems to improve the efficiency, quality of life, and sustainability of urban areas. 

The worldwide development of smart cities is trending majorly. Smart cities are formed by the integration of advanced technologies, such as geospatial technology, the blockchain, Internet of Things (IoT), and artificial intelligence, among others. Internet of Things (IoT) holds prime importance as compared to other IT technologies. In smart cities, IoT provides the perfect platform for uninterrupted communication of data that is generated from smart electronic devices.

Enforced by rapid urbanization, governments of various developing economies are taking initiatives for the development of smart cities. Thus, to ensure the interruption-free adoption of smart technologies, different governments are supporting all the possible aspects of smart cities, such as funding, common regulation standards, and project demonstration. The rising number of government initiatives and spending on smart city projects has simultaneously accelerated the penetration of IoT solutions in smart cities development. IoT solutions are implemented for various applications in smart cities, such as smart lighting solutions, smart transportation, smart waste management, and IoT safety solutions. However, the security and privacy issues related to IoT may hinder the IoT in smart cities market growth globally. IoT solutions are highly preferred for accurate communication and management of data generated from connected devices in smart cities. The rising number of smart connected devices is expected to create new growth opportunities for the IoT in smart cities market in the upcoming years.

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IoT in Smart Cities Market: Segmentation

The global IoT in smart cities market is segmented on the basis of component, application, end-user, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

The component segment is majorly classified into solution and services.

The solution segment includes security, remote monitoring, analytics, network management, and RTLS.

By application, the market is classified into lighting, traffic, utilities, public safety, environmental monitoring, and others.

By end-user, the market includes information and technology, telecommunication, government, automation, energy, and others.

IoT in Smart Cities Market: Report Scope

IoT in Smart Cities Market: Regional Analysis

The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

By region, North America is anticipated to dominate the global IoT in smart cities market in the future, owing to the significant presence of leading market players, strict government regulations, various technological advancements, and huge investments made for technological adoption. The European IoT in smart cities market is mainly driven by the early adoption of innovative technologies. The European Union is taking substantial initiatives in smart city development for improvisation of urban lifestyle, which has concurrently escalated the market demand for IoT solutions.

IoT in Smart Cities Market: Competitive Players

Some renowned key players of the global IoT in smart cities market are:

• IBM
• Intel
• Cisco
• Huawei
• Hitachi
• Quantela
• Microsoft
• Bosch Software Innovations
• Schneider Electric
• Tech Mahindra
• Sierra Wireless
• Siemens
• Honeywell
• Bosch Software Innovations
• ARM
• PTC

This report segments the global IoT in smart cities market into:

IoT in Smart Cities Market: Component Analysis

• Solution
  • Security
  • Remote Monitoring
  • Analytics
  • Network Management
  • RTLS
• Services

IoT in Smart Cities Market: Application Analysis

• Lighting
• Traffic
• Utilities
• Public Safety
• Environmental Monitoring
• Others

IoT in Smart Cities Market: End-User Analysis

• Information and Technology
• Telecommunication
• Government
• Automation
• Energy
• Others

IoT in Smart Cities Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa